ABS-CBN reports P508M net income in Q1 2013

(From left) One More Try, Sisterakas and It Takes a Man and a Woman grossed more than P200 million each, according to ABS-CBN.


"The consolidated net income of ABS-CBN Corporation (“ABS-CBN” or the “Company”) (PSE: ABS, ABSP), registered P508 million in net income for the first quarter of 2013, a significant increase of 66% compared with P306 million in the same period last year. The growth in income was fuelled by strong regular advertising revenues as well as election-related ads. Consumer sales also grew at a significant rate.

"ABS-CBN generated consolidated revenues of P7.9 billion from advertising and consumer sales, a 21% increase compared to last year.

"Advertising revenues reached P4.4 billion, an increase of 22% from a year ago. Consumer sales amounted to P3.5 billion, posting an 18% increase. Sky Cable continues to be a major driver of growth with revenues increasing by 43% to P1.6 billion. The growth in revenues is partly attributable to the acquisition of Destiny Cable.

"Total costs and expenses increased by 17% to P7.2 billion brought about by increases in production costs, cost of sales and services , and general and administrative expenses.

"Capital expenditure and film and program rights acquisition amounted to P1.1 billion which was the same level of spending last year.

"ABS-CBN led in national audience share and ratings for Urban and Rural audiences with prime-time audience share averaging 46% in the first three months of 2013, a 16 percentage point lead over GMA’s, based on Kantar National TV Ratings.

"For the first quarter, the top 15 programs for Total Philippines (Urban and Rural) were from ABS-CBN, with the following occupying the Top 10 slots: Juan dela Cruz, Ina Kapatid Anak, Juan dela Cruz Ang Simula, Wansapanataym, Princess and I, MMK Ang Tahanan Mo, Pilipinas Got Talent Saturday, TV Patrol Weekday, Be Careful with My Heart, and Aryana.

"ABS-CBN Film Productions, Inc. released 6 films in the first three months of 2013. Three of them—One More Try, Sisterakas and It Takes a Man and a Woman—grossed more than P200 million each."

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